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[ The following information applies to the questions displayed below. ] The following is the post - closing trial balance for the Whitlow Manufacturing Corporation
The following information applies to the questions displayed below.
The following is the postclosing trial balance for the Whitlow Manufacturing Corporation as of December
Account Title Debits Credits
Cash $
Accounts receivable
Inventory
Equipment
Accumulated depreciation $
Accounts payable
Accrued liabilities
Common stock
Retained earnings
Sales revenue
Cost of goods sold
Salaries expense
Rent expense
Advertising expense
Dividends
Totals $ $
The following transactions occurred during January :
January Sold inventory for cash, $ The cost of the inventory was $ The company uses the perpetual inventory system.
January Purchased equipment on account for $ from the Strong Company. The full amount is due in days.
January Received a $ invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January
January Sold inventory on account for $ The cost of the inventory was $
January Purchased inventory on account for $
January Purchased equipment for cash, $
January Paid the entire amount due to the Strong Company.
January Received $ from customers on account.
January Paid $ to the owner of the building for Januarys rent.
January Paid employees $ for salaries for the month of January.
January Paid a cash dividend of $ to shareholders.
& Enter the beginning balances as of January and post the entries to Taccounts.
Note: Enter the date of the transaction in the column next to the amount.
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